The Italian UniCredit wants to take over Commerzbank. The Germans have little chance of repelling the attempt.
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Italian banker Andrea Orcel has now set his sights on Commerzbank after a failed takeover attempt at Banco Santander. Using clever methods, he has already acquired nine percent of the shares and plans to increase his stake to 21 percent. The federal government and Berlin politicians are worried about a possible takeover by Orcel, as he has already lost trust. Commerzbank itself reacts with promises of profitability in order to protect itself from a hostile takeover. Orcel, known as a “deal junkie”, has already had success with UniCredit and may be planning a merger with HypoVereinsbank in the event of a takeover of Commerzbank. The European Central Bank must approve a possible takeover and there are risks such as country risk and the complex takeover processes to consider.
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© Ullstein
Andrea Orcel doesn’t always get what he wants. But even then it may be worth it for him. At least this is the conclusion the 61-year-old Italian could draw from his experience with the Spanish Banco Santander.
In 2018, Orcel was head of the investment banking division of Swiss UBS and had a reputation as a tough businessman. When he received an offer to become CEO of Banco Santander, one of the largest banks in Europe, he resigned. But shortly before he wanted to take up his new position in Spain, the powerful head of the supervisory board surprisingly decided differently: Orcel didn’t get the top job after all. He then went to court and demanded compensation for the lost wages. Last year, a court in Madrid finally awarded him 43.5 million euros. Which is not a small amount of money if you didn’t have to work a day for it.
